The last major Las Vegas resort approved before the Great Recession, the $3.9-billion Cosmopolitan was built by Deutsche Bank after its original developer defaulted on a loan. The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and clubgoer with the tag line "just the right amount of wrong."

The German investment bank said Thursday that the cash deal remains subject to regulatory approvals.

Blackstone is in the business of buying underperforming property and reselling it after making improvements. It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Las Vegas, as well as a small portion of casino company Caesars Entertainment Corp.

The casino is home to Marquee, one of the top-grossing nightclubs in the United States, and features a three-story bar enveloped by a giant chandelier.